丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] AI 产业速递：阿里 Qwen 持续发布，开源赋能 产业加速发展 报告要点 [Table_Summary] 2 月 25 日，阿里云开源了旗下视觉生成基座模型万相 2.1（Wan）。同时，阿里 Qwen 团队在 Qwen Chat 平台上线了"深度思考 (QwQ)"功能。随着其后续投入的逐步提升，相关成果有 望加速迭代，相关成果或将惠及相关产业链，进而赋能中国 AI 产业迭代升级，加速 AI 应用落 地，进而进一步带动算力需求的爆发。建议关注：1）中国推理算力产业链，重点推荐国内 AI 芯片领军寒武纪；2）云服务厂商，重点关注与 DeepSeek 合作的相关云厂商，3）IDC，重点 关注于腾讯、阿里、字节等大厂合作的 IDC。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title AI 产业速递：阿里 2] Qwen ...

丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 开复工维持同比偏弱，重视 Low-Dk 电子布放量 ——建材周专题 2025W8 [Table_Summary] 重视 Low-Dk 电子布投资机会 基本面：水泥出货弱于同期，玻璃库存延续累积 板块再回相对低位，择优布局 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 报告要点 %% %% %% %% research.95579.com 1 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 Low-Dk 电子布为 AI 硬件卡脖子环节，当前需求爆发，且供给壁垒高，成为当前最紧缺的环节 之一。Low-Dk 电子布需求在 2024 年下半年跟随英伟达 GB200 放量迎来爆发，2025 年有望 受益于架构变化迎来需求加速，预计 2025 年市场空间可以达到 20 亿元以上。此前供应商主 要为外资，近期国产替代加速。中材科技作为全球前三大供应商之一，预计 ...

Investment Rating - The report indicates a positive outlook for the industry, highlighting the potential for outperforming the relevant market indices over the next 12 months [12]. Core Insights - The primary growth drivers for the company include new IP, new customer segments, and new distribution channels. The introduction of new IP products such as Pokémon, Hatsune Miku, and others is expected to reduce reliance on a single IP [2][9]. - The company aims to expand its customer base by targeting female users through new IP releases, while its existing popular IP, Ultraman, primarily appeals to male consumers [6][9]. - The domestic market is seeing significant potential in lower-tier cities, with plans to increase the number of retail channels and improve distributor management [6][7]. - Internationally, the company is expanding its presence in Southeast Asia and Europe, with overseas revenue expected to increase from a current low base of around 1% [7][9]. Summary by Sections Product Strategy - The company is leveraging a combination of self-owned and licensed IPs to create a diverse IP matrix, which includes popular franchises like Ultraman and Transformers. This strategy is anticipated to decrease dependency on Ultraman [6][9]. - The company offers high-quality products at competitive prices, which enhances its market competitiveness [6]. Market Channels - The company has reported having approximately 150,000 retail channels as of June 2024, primarily in stationery, convenience, and toy stores. The focus on lower-tier markets is expected to drive rapid growth in channel density [6][9]. - The company is utilizing platforms like Amazon and Walmart to penetrate international markets, aiming to boost overseas revenue significantly [7][9]. Market Position - In 2023, the company achieved a GMV of approximately 1.8 billion yuan, holding a 30.3% market share in the Chinese building block toy segment and 6.3% globally, making it the largest player in China and the third globally [9].

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The low-altitude economy is positioned as a strategic emerging industry, with significant policy support and infrastructure development expected to accelerate its growth [12][14][30]. - The report highlights the rapid development of eVTOL and drone technologies as key drivers for the low-altitude economy, suggesting that traditional general aviation may face limitations in China [35][38]. - The establishment of a comprehensive regulatory framework and the issuance of airworthiness certificates are critical for the commercialization of eVTOLs [45][49]. Summary by Sections 1. Policy-Driven Development - The establishment of the Low Altitude Office by the National Development and Reform Commission in December 2024 is expected to accelerate the industrialization of the low-altitude economy [12]. - A series of policy documents from 2010 to 2024 outline the progressive reforms in low-altitude airspace management, indicating a strong governmental push towards developing this sector [13][14][15]. 2. Manufacturing Upgrades - The report emphasizes that Chinese manufacturers are leading in obtaining airworthiness certifications for eVTOLs, with significant advancements in production capabilities [33][49]. - The growth of drone operations has outpaced traditional aviation, with drone flight hours increasing from 370,000 in 2018 to 23.11 million in 2023, reflecting a compound annual growth rate of 129% [38]. 3. Application Expansion - The report discusses the potential for "low-altitude + X" applications, indicating that various sectors could benefit from low-altitude technologies, enhancing their operational efficiencies [6]. - Local governments are actively formulating three-year action plans to develop low-altitude economies, with specific targets for infrastructure and industry growth [23]. 4. Infrastructure Development - Shenzhen is highlighted as a leader in low-altitude planning, with ambitious goals for establishing low-altitude takeoff and landing facilities and enhancing the operational environment for drones and eVTOLs [25][26]. - The report notes that by 2025, Shenzhen aims to have over 1,000 low-altitude takeoff points and a significant increase in the proportion of airspace open for drone operations [26]. 5. Competitive Landscape - The report identifies key players in the eVTOL market, such as EHang, which has successfully navigated the airworthiness certification process, setting a precedent for others in the industry [49][52]. - The competitive dynamics are shifting, with domestic companies gaining traction in the eVTOL space, while international counterparts face challenges in meeting regulatory standards [55].

%% %% %% %% research.95579.com 1 周观点0223：风光锂排产提升，新方向 催化不断 长江证券研究所电力设备与新能源研究小组 2025-02-24 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 司鸿历 分析师 叶之楠 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520080002 SAC执业证书编号：S0490520090003 SFC执业证书编号：BQK482 SFC执业证书编号：BUD284 分析师 袁澎 分析师 王耀 分析师 任佳惠 分析师 周圣钧 SAC执业证书编号：S0490524010001 SAC执业证书编号：S0490524120006 SAC执业证书编号：S0490524070005 SAC执业证书编号：S0490524120003 %% %% %% %% research.95579.com 2 本周电新板块行情回顾 00 图：本周电新板块行情回顾 CJ电新指数 光伏 储能 锂电 风电 电力设备 其他电源 电机 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Insights - Aneng Logistics, a leader in the franchise express delivery sector, has shifted its focus to profitability and quality since 2022, achieving a turnaround to profitability in 2023, with accelerated profit growth expected in 2024 [2][4][8]. Summary by Sections Company Overview - Aneng Logistics is a leader in the express delivery market, having pioneered the franchise model in 2012 and rapidly expanded its operations. The company has maintained the top position in franchise express delivery volume since 2021, but faced profitability challenges due to an overemphasis on scale [5][21][38]. Industry Evolution - The express delivery industry is experiencing significant changes due to the flattening of distribution channels and the optimization of the less-than-truckload (LTL) market. Aneng Logistics benefits from these trends, with the express delivery segment expected to see increased penetration [6][51]. Strategic Transformation - The company has undergone a strategic transformation since late 2022, focusing on quality and profitability. Key initiatives include eliminating mandatory warehouse fees and penalties, optimizing cargo structure, and enhancing operational efficiency [7][73]. Financial Performance - Aneng Logistics has shown significant improvement in gross profit margins and revenue growth, with a projected net profit of 780 million, 930 million, and 1.1 billion yuan for 2024, 2025, and 2026, respectively [8][14][46]. Market Dynamics - The overall express delivery market is expected to grow, with Aneng Logistics positioned to capture market share as weaker regional and specialized companies exit the market. The company’s revenue growth is anticipated to outpace the industry average [6][58].

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector [6]. Core Insights - The weakening support for coal prices, combined with high inventory levels and weak downstream demand, is expected to lead to a significant reduction in fuel costs for thermal power generation, with an estimated decrease of about 3 cents per kilowatt-hour [9][10]. - Despite a reduction in annual long-term electricity prices in 2025, the decline in prices in regions like Northern China, Anhui, and Shanghai is expected to be less than the decrease in fuel costs, indicating an improvement in thermal power profitability [9][10]. - The valuation of thermal power companies is currently at a low point, with several companies trading near their book value, and the expected dividend yields are attractive, making the sector appealing for investment [9][10]. - There has been an acceleration of capital inflow from southbound funds into the power sector, indicating a growing interest and potential for recovery in the sector [9][10]. - The report emphasizes the importance of the "carbon neutrality" initiative and market reforms in the electricity sector, suggesting that the intrinsic value of power operators will be reassessed during the 14th Five-Year Plan period [9][10]. Summary by Sections - **Coal Price Dynamics**: Recent trends show a significant drop in coal prices, with the Qinhuangdao port Q5500 coal price at 708 RMB/ton, down 23.62% year-on-year, which will alleviate cost pressures for thermal power generation [9][10]. - **Profitability Outlook**: The report anticipates that thermal power profitability will improve due to the disparity between long-term electricity price reductions and fuel cost declines [9][10]. - **Valuation and Dividend Appeal**: The report highlights that major thermal power companies are trading at low price-to-book ratios, with expected dividend yields ranging from 5.80% to 6.75%, making them attractive for investors [9][10]. - **Market Sentiment and Fund Flows**: There is a notable increase in southbound fund holdings in the public utility sector, indicating a positive shift in market sentiment towards the sector [9][10]. - **Investment Recommendations**: The report recommends focusing on quality thermal power operators and hydropower companies, as well as those in the renewable energy sector, given the expected improvements in the operating environment [9][10].

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - Recent discussions between the US and Russia have reached a consensus, which is expected to benefit international engineering projects. The focus is on the reconstruction of Ukraine, which may drive infrastructure-related demand [2][8] - The reconstruction needs of Ukraine are estimated at $486 billion, approximately 2.8 times the country's nominal GDP for 2023. This demand is driven by extensive war impacts across various sectors, with housing needs being the highest at over $80 billion [8][10] Summary by Relevant Sections Event Description - The recent international engineering projects have gained significant attention due to the ongoing geopolitical developments [6] Event Commentary - The US and Russia have agreed to appoint teams to work towards ending the Ukraine conflict and restoring embassy staff configurations. This is seen as a first step towards resolving the crisis [7][9] - The reconstruction of Ukraine is anticipated to stimulate demand for infrastructure projects, particularly in housing, transportation, and energy sectors [10][11] Company Focus - Key companies that may benefit from this situation include: 1. China Steel International, which signed a contract for a 5 million tons/year project in Ukraine, with overseas revenue of 9.73 billion yuan in 2023, accounting for 36.9% of total revenue [8] 2. China National Materials, with overseas revenue of 20.09 billion yuan in 2023, representing 43.9% of total revenue [8] 3. Northern International, focusing on "Belt and Road" countries, with overseas revenue of 12.69 billion yuan in 2023, making up 59.1% of total revenue [8] 4. China Chemical, which previously won a contract for a significant project in Ukraine, with overseas revenue of 35.53 billion yuan in 2023, accounting for 19.8% of total revenue [8] 5. Other major construction companies like China State Construction, China Communications Construction, and China Railway Construction may also have opportunities in the region [8]

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - On February 25, 2025, DeepSeek open-sourced the DeepEP codebase, which is the first open-source expert parallel (EP) communication library for training and inference of mixture of experts (MoE) models. This library allows for distributed training by allocating different experts to various computing devices, leveraging the sparse activation feature of MoE to linearly scale model size with the number of devices without increasing computational costs [2][4] Summary by Sections Event Description - DeepSeek's release of the DeepEP codebase marks a significant advancement in the field of AI, particularly in optimizing model parallel processing capabilities. The library addresses the communication efficiency challenges between experts, significantly reducing data exchange overhead and enhancing training and inference efficiency [4][9] Event Commentary - The DeepEP codebase improves GPU communication efficiency through several methods: 1. Support for NVLink and RDMA within and between GPU nodes, optimizing memory usage without the need for expensive tensor parallelism [9] 2. High-throughput kernels for training and low-latency kernels for inference, enhancing processing speed during both phases [9] 3. Efficient all-to-all communication mechanisms that accelerate information transfer between nodes [9] 4. Flexible GPU resource control that allows for computation-communication overlap, minimizing idle time during training [9] - The report suggests that the new wave of technological supply will lead to a revaluation of the domestic AI industry, enhancing application deployment speed and expanding AI computing demand. Key areas to focus on include: 1. The inference computing power supply chain in China, particularly leading AI chip companies like Cambricon 2. Cloud service providers collaborating with DeepSeek 3. IDC firms working with major companies like Tencent, Alibaba, and ByteDance 4. AI application-related targets in sectors such as government, finance, healthcare, and education [9]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [6] Core Insights - On February 24, 2025, DeepSeek open-sourced the FlashMLA decoding kernel, which is a high-efficiency inference engine specifically designed for NVIDIA's Hopper architecture GPU. This kernel has been practically applied in DeepSeek, significantly enhancing the inference efficiency of LLMs through KV cache compression and GPU computational optimization [2][4] Summary by Sections Event Description - The FlashMLA decoding kernel was launched on February 24, 2025, and is tailored for NVIDIA's Hopper architecture GPU. It has been effectively utilized in DeepSeek, leading to a notable improvement in LLM inference efficiency [4] Event Commentary - FlashMLA employs a paged KV cache with a batch size of 64, addressing the performance bottleneck associated with increased memory usage and computational costs as sequence lengths grow in LLMs. The Multi-head Latent Attention (MLA) technique projects keys and values into a lower-dimensional latent space, reducing the size of the KV cache while maintaining model performance, thus accelerating the inference process [9] - The paged KV cache further enhances DeepSeek's inference efficiency by allowing data to be divided into manageable batches, improving memory efficiency and reducing decoding latency, making it suitable for deployment on edge devices. On the H800 SXM5 compute chip running CUDA 12.6, FlashMLA can achieve up to 3000 GB/s under memory bandwidth constraints and 580 TFLOPS under computational constraints [9] - FlashMLA supports BF16 (Brain Float 16) precision, which reduces memory usage and speeds up computation while maintaining sufficient accuracy for most AI tasks, facilitating the deployment of large models in resource-constrained environments. This support broadens DeepSeek's application scenarios, enhancing its performance in long-sequence language inference, making it more applicable for document analysis or extended dialogues [9] - The new wave of technological supply revolution is leading to a revaluation of the domestic AI industry. DeepSeek is expected to significantly accelerate the application deployment speed and expand AI computing demand. Key areas to focus on include: 1) the domestic inference computing industry chain, particularly recommending leading AI chip company Cambrian; 2) cloud service providers, especially those collaborating with DeepSeek; 3) IDC firms working with major companies like Tencent, Alibaba, and ByteDance; 4) AI application-related targets, particularly in AI+ government, AI+ finance, AI+ healthcare, and AI+ education [9]